A popular auction house that has sold vintage sports cars for four decades is facing closure.
Shannons Auctions has announced it is ceasing operations in Australia due to “an increasing number of competitors”.
The company has showrooms in Melbourne, Sydney and Brisbane and has been an important part of the Shannons brand, which also provides insurance services as a subsidiary of Suncorp.
But despite conducting auctions since 1981, the increasing number of competitors offering frequent and low-cost online auctions has taken its toll.
A company statement said: “Shannons has been at the forefront of meeting the unique needs of car enthusiasts for many years.”
“Our auction business was an important part of our offering.
“In recent years, our customers’ options for buying and selling vehicles and license plates have expanded significantly.
“This has led us to review the offering to determine whether auctions are still a unique need alongside Shannons Insurance and Club.”
“As part of this review, the decision has been made that Shannons will no longer include conducting auctions as part of its core business.”
Shannons has showcased numerous vintage, modified and sports cars during its tenure.
The company has also auctioned off motorcycles as well as automotive memorabilia and even license plates.
The most expensive vehicle at the August winter auction was an R34 Nissan Skyline GT-R M Spec, which cost $332,000 (£175,000).
The biggest sale, however, was a set of historic New South Wales number plates numbered 262.
They reportedly sold for $431,000 (£227,198). Car expert.
However, more expensive plates have gone under the hammer, with the NSW ‘4’ plates selling for $2.45 million (£1.29 million) in 2017.
The auction house was founded by Robert Shannon, who teamed up with auctioneer Bill Weld to hold the first auction in Melbourne in December 1981.
Auctions previously took place alternately in Melbourne and Sydney before the company switched to online auctions in 2020.
They then opened a new showroom in Brisbane in 2021, but it is now set to close.
Elsewhere, a major car sales brand with 190 locations across the UK is planning an ambitious upgrade of its dealerships.
Vertu Motors is hoping for a major redevelopment of its adjacent BMW and Mini sites in Sunderland.
Read more on the Irish Sun
Another British car dealership is looking for a new life after closing up shop after 30 years.
The popular showroom has announced it will be moving from its current location as part of the refurbishment work.